https://www.taxtmi.com/caselaws?id=414536 Aircraft engine supplier credits were treated as capital receipts because their true character arose from the purpose of selecting a particular engine, not from trading operations; they were therefore outside revenue income, section 28(iv), and capital gains treatment. Proportionate lease rentals were held to be separate revenue expenditure, deductible on their own footing under the mercantile system and not tainted by the earlier credit arrangement. Supplementary rent under aircraft leases was not disallowable under section 40(a)(i): pre-1 April 2007 payments fell within section 10(15A), while later payments were treated as aircraft rental covered by the India-Ireland DTAA and not chargeable in India. en-us Fri, 29 Oct 2021 00:00:00 +0530 Tue, 09 Nov 2021 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414536 Aircraft engine supplier credits were treated as capital receipts because their true character arose from the purpose of selecting a particular engine, not from trading operations; they were therefore outside revenue income, section 28(iv), and capital gains treatment. Proportionate lease rentals were held to be separate revenue expenditure, deductible on their own footing under the mercantile system and not tainted by the earlier credit arrangement. Supplementary rent under aircraft leases was not disallowable under section 40(a)(i): pre-1 April 2007 payments fell within section 10(15A), while later payments were treated as aircraft rental covered by the India-Ireland DTAA and not chargeable in India. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414536